Business
Leafbuyer Technologies Inc. (OTCMKTS: LBUY) Reports 53% YoY Growth In Revenue In Fiscal Q2 2021
Leafbuyer Technologies Inc. (OTCMKTS: LBUY) has announced its fiscal Q2 and full-year 2021 financial results for the period ending December 31, 2021.
Second-quarter 2021 revenue was $0.924 million
The company reported 53% YoY revenue growth in the second quarter. Revenue was up from $602,787 to $923,829 in the second quarter of 2021, and the increase reflects GAAP revenue that Leafbuyer generated during the quarter compared to a year before. Gross profit also increased to $261,770 from $115,746 a year ago.
Chief Executive Officer of Leafbuyer, Kurt Rossner, stated, “We are very pleased with the significant growth over the last twelve months. Our growth was nearly three times the industry average and a substantial acceleration from previous results. We continue to drive innovation with our product development and continue to broaden our national sales footprint.”
Leafbuyer reported 30% revenue growth in Q1 2021
In the first quarter of fiscal 2021, the company reported revenue of $850,693 from $652,723, representing a YoY increase of 30.5%. Operating expenses dropped to $809,632 from $921,967, and net cash used in operations was down from $427,685 a year before to $116,491. The first-quarter results reflected robust growth in revenues and a considerable cash burn reduction.
Rossner commented, “The company is well positioned going forward to exploit the increasing opportunity in the cannatech market. As we go into the 2nd quarter of fiscal 2022, we believe that strong demand will continue as we continue to expand our national footprint and expand our industry leading technology platform. Our revenue increase was primarily driven by strong demand for our loyalty platform and the value of an industry leading website.”
The firm is one of the marijuana industry’s most complete marketing technology vendors. To communicate with existing and new consumers, dozens of cannabis firms use the company’s texting and rewards program, as well as the Custom App solution. In addition, its website is a comprehensive online platform for marijuana users, and the company’s collaborations with other sites have resulted in a nationwide network of marijuana discounts and data that serves millions of people each month.
